As Wealthsimple looks for more ways to help you reach your goals and manage your money, we’ve partnered with Pine to provide Wealthsimple clients access to an exclusive mortgage offer.
What is Pine? And why Pine?
Pine is a digital first direct mortgage lender helping thousands of Canadians with their mortgage applications. Pine has a dedicated team of advisors that offer a digital-first mortgage process to give every Canadian access anytime, anywhere. Pine’s mortgage advisors are commission-free, and most applications take less than a few minutes to complete and are 100% digital. No paperwork is required (just like at Wealthsimple).
Pine’s mortgage process has created a simple, easy-to-understand online application, and, with just a few clicks, Pine’s experts can start working on getting you approved. Pre-approvals are faster than at the traditional banks (usually within 24hrs).
How does the partnership between Wealthsimple and Pine work?
Wealthsimple and Pine have collaborated to bring you great rates. All of the actual mortgage brokerage services are offered by Pine Canada Financial Corporation (“Pine”), but when you use Pine’s services, Wealthsimple Mortgage Services Inc. ("Wealthsimple") may receive a referral fee. Any information you provide to Pine may be shared with Wealthsimple to help us understand our clients’ needs and to improve our product offerings.
Apply for a Pine mortgage through Wealthsimple
The Wealthsimple x Pine mortgage portal can be accessed at wealthsimple.pine.ca or by following the steps below:
Mobile app
- Download or sign in to the Wealthsimple app on your mobile device.
- Scroll down to the bottom of the Home tab.
- Under More, tap the Spend less on your mortgage tile.
- You’ll be redirected to Pine’s Wealthsimple partner page.
- Answer a few questions about your home buying picture and enter your contact information.
- Review and submit your mortgage application.
- A Pine mortgage agent will contact you with the next steps.
Web
- Log in to your Wealthsimple account.
- Select Mortgage from the top menu.
- You’ll be redirected to the Wealthsimple x Pine application page.
- Answer a few questions about your home buying picture and enter your contact information.
- Review and submit your mortgage rate application.
- A Pine mortgage agent will contact you with the next steps.
- Navigate to the Wealthsimple’s offer invitation email in your inbox.
- Select Get my mortgage rate to be redirected to Pine’s Wealthsimple partner page.
- Enter your contact information on Pine’s Wealthsimple partner page and answer a few questions about your home buying picture.
- Review and submit your mortgage application.
- Pine will contact you via SMS, phone, and email with the next steps.
Frequently asked questions
Questions about Pine
What mortgages does Pine offer?
Pine offers pre-approved, refinancing and purchase mortgage products across fixed and variable rates for both insured and uninsured mortgages. Specifically:
Insured Mortgage (Property value <$1m)
- Purchase & Switch / Renewal
- Fixed rate - 1, 2, 3, 4, 5 yr term + 25 yr amortization period
- Adjustable Rate Mortgage (ARM) - 5 yr term + 25 yr amortization
- Refinance
- Refinances do not qualify for mortgage insurance
- Pre-approval
- Available
Uninsured Mortgage (Property value >$1M)
- Purchase & Switch / Renewal
- Fixed rate - 5 yr + up to a 30 yr amortization period
- Adjustable Rate Mortgage (ARM) - 5 yr term + 25 or 30 yr amortization
- Refinance
- Available
- Pre-approval
- Not available
Here are some other things to consider with Pine's mortgage products:
- Pine offers a minimum mortgage value of $100,000.
- Pine limits cash disbursements in re-finances up to a $200k. Anything above this limit must be disbursed to a lawyer's trust account for use in specific transactions.
What are the criteria to get approved for a mortgage with Pine?
The below is not a comprehensive list and may differ depending on your situation, so we recommend applying for your personalized rate to get in contact with a Pine mortgage agent.
- Minimum FICO score 650 (a FICO score below 650, please decline these clients)
- FICO score >= 680 GDS/TDS: 39/44
- FICO score < 680 GDS/TDS: 35/42
- Borrower(s) must be a Canadian resident Pine must be in first position with other mortgages discharged and transferred to Pine. A mortgage registered in second position is not permitted.
- To use Business For Self/BFS income, they must have their business operating for at least 2 years
- Up to 5 mortgaged residential properties maximum allowable per application (including their primary residence)
What fees does Pine charge?
Pine doesn't charge any lender fees — this includes origination fees, application fees, processing fees, underwriting fees, and commitment letter break fees.
If there are fees relevant to closing on your mortgage they will be included in the APR. For example, some deals have a ~$300 fee added to the APR for legal fees & disbursements. However, Pine doesn't make money off fees, meaning they remove certain intermediaries to eliminate unnecessary costs.
In the case you want to break your Pine mortgage, a penalty applies and will be dependant on your mortgage terms:
- For closed fixed-rate mortgages, the penalty to break is equal to the greater of the interest rate differential, or 3 months' interest
- For adjustable-rate mortgages the penalty to break this term is 3 months' interest
What prepayment privileges exist with Pine?
- Up to 20% lump sum prepayment privileges per anniversary
- Increase your regular monthly payment by 20%
Is Pine licensed?
Yes, Pine has all the required mortgage brokerage and lending licenses registered in every province except for QC and the territories. They include all their license numbers on the footer of their website.
Is Pine NHA approved?
NHA means that you are allowed to securitize your mortgages in the CMHC program. Pine via their banking partners uses their NHA approval to securitize the mortgages. Pine is approved by both private mortgage insurers Canada Guarantee and Sagen which also provide mortgage insurance certificates similar to CMHC.
Is Pine just a broker? Who actually holds the mortgage?
Pine is a direct lender, as well as a broker. They’ve partnered with financing institutions for the funding but are a licensed lender. Your mortgage will be available through Pine’s platform which can be accessed through the Wealthsimple app.
Does Pine offer mortgage rates for investment properties?
No, Pine does not currently offer mortgages for investment properties. Currently this isn’t Pine’s strongest mortgage product in regards to offering low rates but they’re working hard in the background to improve this offering.
Does Pine offer HELOC mortgages?
Yes, Pine offers HELOCs. Currently this isn’t Pine’s strongest mortgage product in regards to offering low rates but they’re working hard in the background to improve this offering.
Does Pine offer mortgage rates for refinancing options?
Yes but Pine limits cash disbursements in re-finances up to a $200k. Anything above this limit must be disbursed to a lawyer's trust account for use in specific transactions.
Does Pine have a minimum mortgage value they offer?
Yes. Pine supports a minimum mortgage value of $100k.
How is Pine able to offer lower rates than the banks?
Pine is a digital, direct mortgage lender, eliminating extra fees and any unnecessary middlemen. They’re vertically integrated and have developed their own software to automate many administrative tasks to save their team time and money, which is passed onto clients (kind of like Wealthsimple). Additionally, unlike traditional mortgage companies, Pines mortgage agents are salaried, not commission-based. This approach reduces costs, allowing Pine to offer the best rates for our clients.
Why is Pine’s rate higher than what my bank is offering me?
In some cases, banks are able to make deep discounts to their existing clients, but these discounts may also require the mortgage loan to be bundled with other financial products like opening a chequing account, credit card or home insurance products.
Does Pine increase the base rate to create a fake discount?
No. All of Pine’s clients are getting the same or lower rate to begin with than a non-Wealthsimple client would receive via Pine.
Why is Pine not available in Quebec, and when can we expect it?
Quebec has its own specific guidelines in order to get licensed in the province. We are actively working on being able to provide mortgages in Quebec and hope to be approved there soon.
Can I take advantage of the RRSP Home buyers plan or FHSA with Pine?
Yes. Pine accepts both FHSA and first-time buyers under the Home Buyers Plan. One of Pine’s agents would be more than happy to discuss this in greater detail.
How do I get in touch with someone at Pine to discuss?
Start the online application and a Pine agent will be in touch shortly after you fill out a few details. They’ll be able to better serve you and your mortgage needs with a little information on the type of mortgage product you're looking for. Otherwise feel free to reach out to their team at hello@pine.ca.
Where can I learn more about Pine?
Questions about mortgages
What is a mortgage pre-approval?
A mortgage pre-approval means that a lender (like Pine) has reviewed your income and credit history and decided that you qualify for a mortgage.
What is mortgage default insurance?
Mortgage default insurance is legally required if you make a down payment of less than 20%. It’ll increase the cost of your monthly payments by as much as 4%, but it does help make buying a home more accessible.
Where can I find my mortgage details?
You can find your mortgage details in the Pine application portal. Alternatively, you can access the pine application portal on the Wealthsimple app and web applications.
Will my credit score be impacted if I check my mortgage rate?
No. Apply online via the application form to get your low mortgage rate with no impact to your credit score.
What is the current rate, and how can I find my personalized rate?
Your rate is based on a lot of factors including the mortgage amount, the terms, if you want a fixed or adjustable rate, etc. The best way to find out is to start the application at wealthsimple.pine.ca and get your personalized rate in a couple of minutes.
Would a broker get me a better rate?
Not in all instances. A broker can help you navigate the mortgage buying process, and get access to multiple lenders in order to find you a good deal at times. Pine as an online direct lender is usually competitive from the get-go and skips the broker commission, allowing them to pass more savings to you.
I’m not ready to buy yet, is it possible to lock in a rate with Pine now?
Yes, your rate (and your tier rebate) will be locked for 120 days. If the rates go down before you purchase or renew, Pine will automatically give you the lower rate. If it goes up, you can keep the rate you locked.
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